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Telefonica Agrees to Sell
Its 75% Stake in Endemol

By

Jason Sinclair

Updated May 15, 2007 12:01 a.m. ET

MADRID -- Telef&oacute;nica SA said yesterday it agreed to sell its 75% stake in Dutch television producer Endemol NV for &euro;2.63 billion, or $3.56 billion, signaling its departure from the content business as it resumes its aggressive international acquisition strategy.

The stake in Endemol -- creator of the reality TV format and hit shows "Big Brother" and "Deal Or No Deal" -- will be acquired by a consortium that includes the company's co-founder, John de Mol, through investment vehicle...